SB282 Summary

• Amends Section 41-14-30 of the Code of Alabama 1975 to expand investment authority for state funds held by the State Treasurer.

• Authorizes the State Treasurer to deposit state money in any available bank product at qualified public depositories that pay interest on deposits.

• Permits investment in U.S. Treasury obligations, federal agency obligations (including Federal Land Bank, Federal Home Loan Bank, Federal National Mortgage Association, and others), and money market mutual funds investing in authorized securities.

• Adds new investment options including commercial paper with the highest quality credit rating at time of purchase and banker's acceptances.

• Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.